Every month, PieDAO holds a monthly community call in our Discord server, so that the community can get together and update one another on the progress that has been made in the preceding month. Attendees are able to ask pertinent questions about the DAO and a POAP is distributed to everyone.
DOUGH staking
The total number of DOUGH staked for veDOUGH continues to steadily rise, even with the current turbulence in the markets. There are now more than 18 million DOUGH staked and 431 voting addresses! The average lock time remains high, at 35 months.
SLICE distribution
On the 5th July there was a SLICE distribution, rewarding those who had participated in DAO governance during the previous epoch. This was the first month in which the composition of SLICE did not only comprise one asset; henceforth, BCP shall also be a part of the SLICE distributions.
In total, 113k SLICE were minted and distributed to 203 veDOUGH holders.
Treasury farming committee
The Treasury Farming Committee has revamped its approach to long term strategy. From now onwards, the treasury will mostly be farming ETH and stablecoins, and will not attempt to time the market in doing so – the TFC will not take any directional plays or use leverage. From now on, SLICE distributions will only come from yield that is generated through farming activities. Therefore, there is no longer any need for a benchmark, nor does the idea of a minimum distribution hold any relevance.
As Alexintosh explains on the forum, this strategy will actually generate higher returns for veDOUGH holders than consistent minimum distributions would, given that those on the TFC are first and foremost specialists in generating yield.
BasketDAO acquisition finalised
PieDAO has completed its acquisition of BasketDAO – the migration window has been closed and no further deposits can be made to the migration contract.
When all was said and done, the acquisition wasn’t as fruitful as the DAO had hoped for in terms of TVL acquired. Nevertheless, the process of the DAO2DAO acquisition demonstrated the community’s ability to innovate and enact firsts in DeFi. Fortunately, the lessons learned were extremely valuable, and we are happy to welcome those BDI holders who did migrate to DeFi++. Unfortunately, not enough TVL was migrated to enact the KPI options; no veDOUGH will be awarded to the BasketDAO community.
Product updates
As part of the product refinement initiative, DeFi++’s rebrand successfully passed the second gate of voting on Snapshot. This means that the entire pie will be restyled in accordance with Gabo’s proposal, which delineates a series of criteria that differ from the original composition. Notably, DOUGH will represent a part of the index, alongside various other assets that weren’t hitherto included, such as LDO.
The DAO also voted to include APE in PLAY. APE, the native token of Yuga Labs’ Bored Ape Yacht Club, passed the first gate of voting with 86% voting in favour. In order to finalise the proposal, the DAO must now deliberate and debate potential allocations and weighting percentages. This process is currently underway, and the weightings are being discussed on the forum.
The recent community call shed a lot of light on the work happening to develop Auxo.fi. Alexintosh and Jordaniza shared their progress and explained the technicalities in more detail. Functionally, the vaults will operate as the first ever cross-chain yield aggregators, and will automatically allow depositors to earn the highest possible rate of yield across not only different protocols, but across different EVM-compatible blockchains. The plan for Auxo is to roll out the initial pilot within a couple of months, and to initially use Auxo vaults to generate yield on stablecoins from the treasury. In this way, the DAO shows confidence in the products and creates a more symbiotic relationship between TVL and treasury NAV.
Miscellaneous
The DAO has voted in favour of supporting the ETH LatAm event in Buenos Aires with $780 to cater for food, drinks, merchandise and a DJ. The DAO’s sponsorship of this event means that there will be a great deal of exposure for PieDAO and a brilliant opportunity for a lot of DAO members to meet one another in real life. Moreover, Adrian will be representing PieDAO as a speaker at the event. The event can be signed up for here.